Maryland casinos set all-time record topping the $100m mark for the first time

On Thursday, the Maryland Lottery and Gaming Control Agency released figures that show April’s revenue from the state’s five casinos topped $100 million for the first time; setting a new monthly high of $103.9 million, which beat the previous high in July 2015 of about $99 million.

The agency reported that revenue from table games had increased by $7 million coming in at more than $38.7 million and slot revenue increased by nearly $8 million being recorded at $65.1 million. Compared to April 2015, this year’s total in April is almost 17 percent higher, which is also significantly higher than the $98 million reported for March of this year.

The bulk of the $103.9 million was earned by Maryland Live, with its April revenue at nearly $58 million, an increase of 13.4 percent year-on-year. New kid on the block, Horseshoe Casino Baltimore, came in second once again by earning $30.2 million. It was, however, the Maryland casino that had the highest percentage gain in April, increasing by almost 10 percent from this year March, and 31.9 percent year-on-year. April revenue from Hollywood Casino Perryville increased by $135,000, a 2 percent increase from April 2015, while Casino at Ocean Downs’ revenue in April this year increased by 8.9% from the same time last year. April 2016 revenue for the Rocky Gap Casino Resort in Allegany County increased by 6.1 percent from April 2015.

Roughly $36 million, of the revenue from April is earmarked for Maryland’s Education Trust Fund. While the state’s horse racing industry receives approximately $5 million and local impact grants receive about $3.5 million. Minority, women-owned and small businesses receive just over $950,000. Maryland Lottery and Gaming Director Gordon Medenica called it “another great milestone for Maryland’s casinos,” and said, “We’re looking forward to continued growth of the state’s casino industry, and of course that means more funding for important state programs,” according to the agency.

Last month, the Lottery and Gaming Control Agency released figures that showed March was the fourth consecutive month of revenue gains for Maryland casinos, with the state’s five casinos generating their second highest total at $97.8 million.

The state’s casinos, however, will soon face new competition with MGM National Harbor in Prince George’s County expected to open on July 4 of this year. The sixth license to operate a casino in Prince George’s County was awarded to MGM Resorts International by Maryland voters in December 2013, and in May 2014, construction began. MGM’s plans for the mega-complex include 125,000 square feet of gaming floor with 36 table games and 3,600 slot machines.

Maryland casinos set all-time record topping the $100m mark for the first time was last modified: May 6th, 2016 by K Morrison